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WorksheetsFactors of Production Quiz Review
Total questions: 12
Worksheet time: 11mins
Name
Class
Date
1.
A garbage truck driver is an example of which Factor of Production?
a)
labor
b)
land
c)
entrepreneurship
d)
capital
2.
The following items (accountant's computer, carpenter's drill, and a tailor's sewing machine) are all examples of which factor of production?
a)
capital
b)
entrepreneurshipt
c)
land
d)
labor
3.
The term "factors of production" means:
a)
things or skills needed to produce goods or services
b)
how we spend our money
c)
the resources of the government
d)
how society creates jobs
4.
Iron, minerals, coal and plants are examples of which productive resource?
a)
land
b)
labor
c)
entrepreneurship
d)
capital
5.
The term, "capital goods" means:
a)
Goods not created for their own use, but to make other goods/services.
b)
Work the people do to produce goods and services.
c)
Person who organizes the factors of production to produce goods/services; business owners.
d)
The natural resources used to produce goods or services.
6.
The term, "entrepreneurship" means:
a)
Person who organizes the factors of production to produce goods/services; business owners.
b)
Goods not created for their own use, but to make other goods/services.
c)
Work the people do to produce goods and services.
d)
The natural resources used to produce goods or services.
7.
The term, "land" means:
a)
The natural resources used to produce goods or services.
b)
Work the people do to produce goods and services.
c)
Goods not created for their own use, but to make other goods/services.
d)
Person who organizes the factors of production to produce goods/services; business owners.
8.
The term, "labor" means:
a)
Work the people do to produce goods and services.
b)
The natural resources used to produce goods or services.
c)
Person who organizes the factors of production to produce goods/services; business owners.
d)
Goods not created for their own use, but to make other goods/services.
9.
What is a risk an entrepreneur takes in running a business?
a)
Losing the money invested in starting the business
b)
Going bankrupt [losing everything]
c)
Not having a steady job/paycheck
d)
All of these are risks!
10.
Here are the monthly expenses for Company Z:
Labor $30,000
Land $40,000
Capital $20,000
Entrepreneurship $10,000
How much does Company Z pay per month for these expenses all together?
Labor $30,000
Land $40,000
Capital $20,000
Entrepreneurship $10,000
How much does Company Z pay per month for these expenses all together?
a)
$100,000
b)
$90,000
c)
$30,000
d)
$1,000,000
11.
Company Z is selling their newest hoverboard for $125 each. Last month they sold 2000 of them.
How much money did they make this month?
How much money did they make this month?
a)
$125
b)
$250,000
c)
$2000
d)
$125,000
12.
Below is a table for the monthly cost that the Generation Z company pays per month to make the latest hover-board. The company is selling them for $125 each. Last month they sold 2000 of them. Is the company making a profit or are they taking a loss, and how much?
Labor $30,000
Land $40,000
Capital $20,000
Entrepreneurship $10,000
Labor $30,000
Land $40,000
Capital $20,000
Entrepreneurship $10,000
a)
profit of $150,000
b)
profit of $10,000
c)
loss of $150,000
d)
broke even
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